Getting on-board…

Getting on-board…

Otabek Nuritdinov

Head of Business Development at Safenetpay

Views 488

Getting on-board…

14.05.2020 05:30 pm

 

What are the two main questions to ask before you choose a payment services provider?

What’s it like getting on-board? Opening an account with a payment services provider is like getting to your seat on a commercial airliner (or, at least, it was until Covid-19 grounded most of the world’s planes). The on-boarding process includes a number of steps, which must be completed in a pre-determined sequence. If the process is long or difficult, it may colour your view of the airline or the service provider.

At Safenetpay, we understand this. After looking carefully at what is involved with opening a business account with traditional banks, challenger banks and other payments services companies, we think that our onboarding is as simple and as painless as anyone’s.

You should be able to provide all the information that we need about your business in a lot less than an hour. Everything can be done from your home or office. After providing us with basic details such as the name and registered address of your business, we provide you with passwords via SMS and e-mail - in a two-step verification process.

You then upload scanned copies of no more than nine different supporting documents - such as the Certificate of Incorporation, the Memorandum and Articles of Association, proof of the business’ registered and correspondence address (such as a Utility Bill), and relevant Board Resolutions. You will also need to provide a copy of a passport and proof of address for each of the relevant Company Directors and the Ultimate Beneficial Owner (UBO).

We ask for all of this because we have to. The regulators here in the UK - like their counterparts elsewhere - insist that we comply with Know Your Client (KYC) rules. This is a key part of the anti-money laundering/ countering finance of terrorism (AML/CFT) regime globally.

Once we have your details, we will verify them using the various tools and databases that are at our disposal. This usually takes a matter of hours. If we need additional details from you, we will ask. Usually we can provide you with a new account within 24 hours.

That leads to a second question: what do you get once you are on-board? With payments services providers, as with airlines, the answer has to take into account service and value for money. We provide you with a UK bank account, with a UK sort code and an IBAN number. Within the UK or the Single European Payments Area (SEPA), you will generally be able to make or receive payments within one business day. Your customers can pay you however they may wish - by bank transfer, cards or wallets. You can make payments to foreign suppliers in any one of 150 currencies - and for fees that are usually about one quarter of those of high street banks. If you need assistance, you can contact our dedicated helpdesk on a 24/7 basis.

We are here to help.

Visit Safenetpay's website: https://www.safenetpay.com/

Latest blogs

Nabeel Irshad Mastercard

Two sides of the same coin: Financial and digital inclusion

The issue of how to tackle financial inclusion has long been a part of the conversation in banking and financial services circles. Regulations have ledto the UK’s biggest banks having to provide ‘basic bank accounts’ to cater for those who do not Read more »

Alex Malyshev SDK.finance

The Biggest Danger to Branchless Banking

With a third of the global population on lockdown and scores of bank branches closed, many are convinced that branch banking is dead, and the future is branchless. Is this really true? Branchless alternatives like Revolut, N26, Monzo, and NuBank Read more »

Dima Feldman and Aviv Castro Altair Semiconductor, a Sony Group Company

Constantly tracking anything, anywhere

The internet of things is changing the shape of many businesses. Not only does the IoT herald in greater visibility of production asset effectiveness, improve operational efficiencies, and facilitate more informed decision making, it is also Read more »

Francesca Campanelli Axyon AI

How Fund Managers Can Use AI to Retain Current Investors and Rebuild Client Confidence

After months of market volatility and challenging conditions, fund managers are starting to see a light at the end of the Covid-19 tunnel. Countries are starting to relax their lockdown measures and restart economies, with stock markets reacting Read more »

N/A ReliaMax

College Dreams? Here’s How to Get Accepted

Higher education in the United States is not just about getting accepted, it is about where you get accepted. Sure, there are options, there are seemingly endless options - from community colleges to Ivy League schools and everything in between. The Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel